The protection of seniors is an issue of large and increasing social importance. However, it would be better if this issue were addressed by federal or state law, rather than by SRO regulation. The FINRA rule "permitting" broker-dealers to put a hold on disbursements is complicated in cases where such a hold would not be sanctioned by state law. Conversely, the failure of a firm to exercise its "authority," however questionable, may put the firm at risk from FINRA or an investor.

In…

Whatever the regulators eventually do with trade reporting and trade data, they should focus on getting data that is useful and not on getting data fast or in quantity. It has been too often the case that Congress or the regulators assume that "knowledge is good," and so mandate that the industry provide data without considering how it can be standardized, transmitted, stored and used. While Form PF for hedge funds is a prime example of collecting useless data (primarily because of the poor…

Query whether the new measure will be adopted by those who believe that there is political advantage in exaggerating the size of the swaps market? It sounds a lot more ominous to describe a swap as having a billion dollar notional than it does to describe it as having a four dollars and thirty-seven cents market value.

Senator Warren raises fair and tough questions that deserve answers.

As discussed in a separate regarding the CFPB, the need for Senator Warren to ask these questions (and the possibility that she may have a tough time getting them answered) is very much a case of being hoist by one's own petard. It is Senator Warren who is credited with structuring the agency as a one-ruler kingdom, largely immune from either Presidential or Congressional influence, and without the check of a two…